S&P: Flowserve view positive

Standard & Poor's said it revised the outlook on Flowserve Corp. to positive from stable and affirmed the BB- corporate credit and bank loan ratings.

According to S&P, the outlook revision reflects the improved credit quality resulting from Flowserve's progress in alleviating certain regulatory and investigative issues while achieving good operating performance and maintaining financial discipline.

Ratings reflect the company's satisfactory business risk profile and somewhat aggressive financial risk profile, the agency said.

The financial risk stems partially from the company's past debt-financed acquisitions and has been mitigated somewhat by the resolution of certain legal and investigatory issues, S&P said.

The issuer's total adjusted debt-to-EBITDA ratio was 1.6 times at the end of 2007.

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